Marbella West’s Puerto Banus was originally built in 1970 with the construction of its famous marina, where some of the world’s most famous super luxury yachts are moored. The place is synonymous with luxury designer shops, smart restaurants, deluxe yachts and a lively social scene. It is certainly one of the most popular places in Andalucia and is now established as Spain’s premier sun and fun destinations.
Report prepared by local real estate agents
It is a great meeting point for royalty and high society as well as personalities, artists and sportsmen. However, Marbella West is also a great location for discerning buyers who are looking for a real estate investment in a cosmopolitan environment with stunning scenery and top sports facilities.
Located within the Marbella West area is “Golf Valley”, which features nine,18 hole golf courses and one 9 hole course, which can be lit up for night games and some of these courses are considered the best in Europe. It also features top level tennis courts for international tournaments. No international “playground” would be complete without its own casino, which attracts many big spenders. The region features many luxury residential areas such as La Zagaleta, Los Naranjos, Las Brisas, Aloha, La Quinta, Los Arqueros and Guadalmina.
This area attracts mainly British clients (60%) followed by Irish (20%) and German (15%) and the rest are made up of a mix Scandinavians, Dutch, Belgian, Swiss, etc..
There is such a varied price scale, that there is no fixed average spend here as clients will invest anything from €300,000 – €1,5 million for an apartment and from €800,000 – €4 million for a villa. Buyers are looking for villas, apartments, stylish designer houses and town houses and the most requested areas are Nueva Andalucia and La Zagaleta.
Must have features include modern security, which is why gated communities are extremely popular. Reflecting the high living lifestyle of this area, popular features include a home cinema, spa, gym and Jacuzzi, direct / private access to the golf club/riding stables and separate guest and staff apartments.
Prices of property in this area have increased substantially over the past five years. However, since 2006 prices have levelled out and now vendors have had to be more realistic about asking price and at present, Marbella West has become a buyers market.
Only a small percentage of clients are interested in renting their properties as many of them live in the property up to six months of the year. However, rental properties are in demand, particularly villas and apartments and the corresponding rental yields for top properties make it worthwhile from around €7,000 per week for an apartment to €20,000 for a luxury villa in high season.
The areas of La Zagaleta, El Madroñal, La Cerquilla and are good areas to look. The new golf villas development at La Quinta Golf & Country Club will also feature a five star hotel and looks to be a good prospect for 2007.